A modern miss collecting pounds for charity (4)
I believe the answer is:
alms
'charity' is the definition.
(alms is a kind of charity)
'a modern miss collecting pounds' is the wordplay.
'modern miss' becomes 'ms' (alternative to 'miss').
'collecting' is an insertion indicator.
'pounds' becomes 'l' (L can represent the monetary pound).
'a'+'ms'='ams'
'ams' going around 'l' is 'ALMS'.
'for' is the link.
(Other definitions for alms that I've seen before include "Old word for money given to the poor" , "Charitable gifts - slam them" , "Charitable giving" , "Money given to poor people" , "Relief for the poor" .)